Turkey to file complaint over Russia to WTO

Turkey to file complaint over Russia to WTO

Turkey is preparing to file a complaint against Russia's recent economic sanctions to the World Trade Organization and other international courts, Mustafa Elitash, the Economy Minister of Turkey told Daily Sabah.

Speaking to the newspaper, Mustafa Elitash noted that in small cities across Russia, Turkish companies are being pressured to transfer their shares to their Russian partners. "Trade needs to have a moral basis as well. These entrepreneurs have put their trust in the Russian government and invested in the country. We are trying to be patient but we are expecting an embargo against Turkey," said Elitash. Now the complaints brought to the Russian table are under consideration for delivery to the World Trade Organization, noted Elitash who pointed out that, currently, they are collecting evidence. "We will reclaim the rights of all those who have suffered in international courts," added Elitash.

The economy ministry has been taking precautions in dealing with the crisis in Russia and despite the negative trends evident in the global economy; the ministry will strive to turn 2016 into a year of opportunities.

After the incident with Russia, the ministry held a meeting with exporters of fresh fruits and vegetables, taking steps to resolve the issue of Turkish goods being transported to Russia and those that have been held in Russian customs.

The main complaint received by the Russian desk is regarding the pressures applied on companies in smaller cities which have Russian partners, as the Russian sanctions will jeopardize the investment reputation of Turkish companies and ruin the company's investment integrity. "There are companies that we invite to our country for investment and if we apply sanctions to all the countries we encounter problems with, it will cost us our reputation in the international arena," said Elitash.

Russia's first sanctions were on the exporting of fresh fruit and vegetables, yet some of their sanctions -- such as not allowing Turkish ships to land -- cause consumable goods to be ruined. Currently, a tomato costs about TL 6 ($2.10) in Russia, which indicates that along with Turkish exporters, Russia's general public is also suffering.

Similar pressures are evident in different sectors as well and Turkey might consider implementing counter-embargoes. The threats in smaller cities have not been confirmed yet and, as Elitash noted, "We do not have any problem with the Russian public, preventing tourists from coming is against human rights and freedom of movement," said Elitash.

Turkey has a backup plan regarding exports and plans to divert its Russian exports to alternative markets such as Kenya, Nigeria and other African countries.

The visit of the Turkish President to Saudi Arabia was well received and Elitash thanked the Saudi King and his son for promoting the "Use Turkish Goods" campaign after the crisis with Russia. The problems with ships passing through the Suez Canal were also discussed and the Saudi Arabian side noted that they will follow up on the issue.

There has been a 40 percent shrinkage in trade with Russia after the crisis in the last 11 months of 2015 and there has been a loss of revenues due to the decreasing oil prices in Russia. As of Nov. 24, the Russian economy shrank by 52 percent in 35 days and 10 percent of this is due to the decrease in imports after the crisis.

Elitash further noted that, with the grants of the World Bank, the purchasing power of African countries such as Ethiopia and Tanzania are increasing. Two decades ago enamel pots were only displayed in shop windows of African countries whereas now African countries are able to keep up with developed nations through satellites.

"Each crisis has its opportunities and while developed countries are backing down, Turkey should fill the gap, especially in sectors such as textile and confectionary, where Turkey has proven itself as a reliable brand," Elitash said, adding that the technology standards in Turkey should be increased in order to compete with developed countries and create its own trusted brands.

Regarding the Fed's recent decision, Elitash said the decisions will bring positive results as they rule out the uncertainties in the markets and will decrease the fluctuations in foreign exchange rates.

The Economy Ministry will move to Halk Bank's building from its current location it shares with the Treasury. After the Halk Bank's headquarters were moved to Istanbul, the building was rented out to the Economy Ministry and Elitash noted that, due to the large number of people in the building, they will be moving to the new location in February.

In addition, experts on receivables of Turkish companies in Russia and their legal status note that investors should be treated equally and fairly in countries they invest in and companies facing unlawful pressures and unfair treatment in Russia may request compensation for their losses. Turkish companies may apply in international courts and with the World Trade Organization; however, all applications should go through the government. Further, a Mixed Arbitration Court can be established for the compensation of mutual losses.

Oman reports 738 new COVID-19 cases, 13,538 in total
Oman reports 738 new COVID-19 cases, 13,538 in total
Earthquake jolts Indonesia's Bali, no tsunami alert issued
Earthquake jolts Indonesia's Bali, no tsunami alert issued
Kazakhstan increases import of chemicals from Turkey
Kazakhstan increases import of chemicals from Turkey
Loading Bars
Latest
Oman reports 738 new COVID-19 cases, 13,538 in total
Oil moves higher, hovers below $40 as doubts emerge over next step on OPEC cuts
Earthquake jolts Indonesia's Bali, no tsunami alert issued
Azerbaijani president attends ceremony to launch newly renovated “Aghjabadi-2” power substation (PHOTO/VIDEO)
Kazakhstan increases import of chemicals from Turkey
Azerbaijani president inaugurates grain processing plant in Aghjabadi (PHOTO/VIDEO)
Azerbaijani president arrives in Aghjabadi district for visit (PHOTO/VIDEO)
Spain reports first new COVID-19 death since Sunday
Azerbaijani Cabinet of Ministers: Borders remain closed due to current situation
EIB funds construction project in Georgia
TABIB: If people abide by quarantine regime rules, restrictions not to be further introduced in Azerbaijan
Georgia prepares for peach and nectarine harvesting season
Azerbaijani PM to reveal details related to restrictions
Volume of deposits in national currency greatly increases in Azerbaijan
Activity of Facebook users in Azerbaijan keeps growing
Operational Headquarters: Going outside may be banned in some Azerbaijani cities
TABIB: Shopping malls planned to be fully closed on weekend in Azerbaijan
Azerbaijan names economy sector with biggest share of credit investments
Kazakhstan to up its gross agricultural output before year-end
Azerbaijani Cabinet of Ministers:Tightening quarantine regime rules under discussion
Ministry of transport eyes transferring airports of Uzbekistan to foreign investors
Timeframe for orbiting Turkish satellites Turksat 5A, Turksat 6A announced
Azerbaijan discloses data on collection of premiums in insurance market in April 2020
Bank of Georgia launches campaign to support farmers
Iran aims to boost export of mineral products
Azerbaijan confirms 325 new COVID-19 cases
Azerbaijani Azexport portal notes growing export orders after softening quarantine regime
Azerbaijan State Tax Service talks concessions made to taxpayers
Azexport portal talks availability of Facebook Shop in Azerbaijan
Azerbaijani president attends ceremony to launch drinking water supply and sewerage systems in Aghjabadi (PHOTO/VIDEO)
Azerbaijani president inaugurates “ASAN xidmet” center in Aghjabadi (PHOTO/VIDEO)
Azerbaijani president attends ceremony to start grain harvest in Aghjabadi (PHOTO/VIDEO)
Export of carpets from Turkey abroad drops two-fold in May 2020
Association of Uzbek textile manufacturers talks about progress of industry
Travel by railway remains suspended in Georgia
Ambassadors of EU member states interested in reopening tourism sector in Georgia
Turkey's export of defense products from January through May 2020 declines
Magnitude 6.8 earthquake hits northern Chile, copper mines say unaffected
France says latest U.S. trade threats over digital tax a 'contradiction'
SOCAR subsidiary starts producing raw material for medical masks fabric
Azercell introduces new “Mobile TV” service for kids
Trump administration set to bar Chinese passenger carriers from flying to U.S.
Investments help Kazakhstan raise agriculture goods processing
Turkmenistan's Dashoguz region growing foreign potatoes
Italy may use new Kazakhstan-tested platform to track quarantine compliance
Azerbaijani president visits military unit in Aghdam (PHOTO/VIDEO)
Baku Stock Exchange pays interest on bonds of Azerbaijan Mortgage and Credit Guarantee Fund
Georgia, Estonia discuss cooperation in field of transportation, tourism
Agriculture sector digitalization leads to significant money savings in Kazakhstan
Turkey's export of cars abroad from January through May 2020 slips
Airlines cut fares to help boost May traffic
Export of Turkey's export of ready-made clothes down compared to 2019
Georgia expects average cherry crop
Netherlands, Azerbaijan could create train connection
Azerbaijan developing new alternative energy project
Saudi, Russia reach deal on oil cuts, raising pressure for compliance
Uzbek textile products in great demand on French market
German bans digital doppelganger passport photos
Textile industry of Uzbekistan - fastest growing sector of country's economy
Quarantine regime to be strengthened in Kazakhstan’s Almaty city
Azerbaijani enterprise starts exporting canned goods to US
EU implements new projects to support vulnerable groups in Georgia
Payments of insurance claims by four Azerbaijani insurers decline
Export of Turkey's leather products to int'l markets down
Azerbaijani Azexport portal talks Facebook Shops integration
Kazakhstan's Samruk-Kazyna decreases its share in Kazatomprom
ADB continues to support Azerbaijan’s efforts to diversify its energy mix
Turkmenistan’s Turkmenhimiya opens tender to buy various equipment, spare vehicle parts
Turkey's export of wood, furniture abroad from January through May 2020 plummets
Coronavirus negatively affects almost all sectors of Georgian economy
Kazakhstan records decrease in money transfer volume
Oil, gas exploration work to be held throughout Turkey
Uzbek-Korean JV opens tender for procurement of pump repair kit
Hajj pilgrimage from Azerbaijan may not take place this year
Azerbaijan's Agricultural Insurance Fund talks managing company branding
Azerbaijan's pomegranate association aims to increase export volumes
BoE says advising banks to prepare for possible no-deal Brexit
16 insurance companies increase payment of insurance claims in Azerbaijan
Belgium to open bars and restaurants but not nightclubs
Azerbaijani president attends inauguration of Tartar branch of “Azerkhalcha” OJSC (PHOTO/VIDEO)
GNERC: Over 20% of business entities provided with internet services in Georgia
Cargo transshipment through Turkey's Antalya port disclosed
Turkey's export of grain, legumes to int'l markets marginally up
Exhibition of historical Baku photos opens on Baku boulevard (PHOTO)
Azerbaijani pomegranate association reveals new export targets
Turkey's export to D-8 countries down from Jan. through Apr. 2020
Turkmenistan’s Dashoguz region completing preparations for wheat harvesting
Sumgait Technologies Park talks export of aluminum to Central Asia
Cargo transshipment from Greece via Turkish ports disclosed
State share of Kafolat Insurance Company sold in Uzbekistan
Azerbaijan's Central Bank talks problematic insurance companies
Uzbek Ipak Yuli Bank, EBRD increasing their support to entrepreneurs of Uzbekistan
Uzbek-Korean JV buys sockets, switches via tender
Bank loans on rise in Azerbaijan
Turkey, US trade turnover suffers drop in April 2020
Azerbaijani president opens newly renovated highway (PHOTO/VIDEO)
Turkmenistan evaluates new varieties of cotton
Net revenue of Kazakhstan's KazMunayGas plummets in 1Q2020
Turkish ministry reveals cargo transshipment through local Hopa port
Azerbaijani president launches newly renovated 'Tartar' power substation (PHOTO/VIDEO)
All news